Last updated on May 31st, 2021. Posted in Finding Profitable Ideas.
New entrepreneurs and business owners cherish their "magical big ideas" for their business, their products, and the services they offer. Typically, the process goes something like this...
Here are links and resources mentioned in today's video. Enjoy!
Magically, one day they're struck with an idea. Maybe they're reading something, maybe they're watching something...or maybe an idea simply swirls up from the bubbling soup of stuff that's swimming around in their head. Eureka! Lightning has struck! Quick, write it down so you don't forget!
Then, the idea gestates for a while. This could be weeks, months, or even years...in other words, it could take this long for someone to finally act on this "magical big idea" they've been struck with.
And all the while, by the way, they've kept it secret. They've protected it and kept it secret because after all, someone might steal their idea, right?
After this gestation period, once they muster the guts to follow through on their idea, they begin the long, slow, painful process of developing their "magical big idea" into an absolutely perfect, totally perfected and market-ready product. And they finally release it upon the world. After all, "build it and they will come, right?"
Do you know what happens next? Crickets. Nothing happens next...crickets happen next. Turns out, nobody's interested in the product. Nobody cares...and at this point, the new entrepreneur does one of three things:
They either quit in frustration; they go back to the drawing board to perfect their product even more...only to release it once again to crickets; or they finally learn the lesson and grow and develop as a business owner.
Want the truth? Nobody cares about "magical big ideas." Ideas are a dime a dozen and really don't matter at all. EVERYBODY has at least 3 big business ideas that are sure to make millions...just go ask your neighbours or friends. Everyone's got 'em.
So if everyone's got multi-million dollar business ideas...then why aren't they multi-millionaire business owners? Turns out, there's something much more valuable, much more critical than a "magical big idea" for your business. And that is, execution.